Tribune Resources (ASX: TBR) has provided its annual report to shareholders for the financial year ended 30 June 2020.
Review of operations
The profit for the Group after providing for income tax and non-controlling interest amounted to $48,211,437 (30 June 2019: $34,651,424).
The impact of the Coronavirus (COVID-19) pandemic is ongoing and while it has not significantly impacted the Group up to 30 June 2020, it is not practicable to estimate the potential impact, positive or negative, after the reporting date. The situation is rapidly developing and is dependent on measures imposed by the Australian Government and other countries, such as maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be provided.
East Kundana Joint Venture
The East Kundana Joint Venture (‘EKJV’) is located 25km west north west of Kalgoorlie and 47km north east of Coolgardie.
The EKJV is between Rand Mining Limited (‘Rand’) (12.25%), Tribune Resources Limited (‘Tribune’) (36.75%) and GiltEdged Mining Pty. Limited (‘GEM’) (51%). On 1 March 2014, GEM became a wholly owned subsidiary of Northern Star Resources Ltd (‘Northern Star’).
Mining
Raleigh
During the year ended 30 June 2020, 127,931 tonnes of ore were mined from Raleigh at 5.79 grammes per tonne (‘g/t’) and containing 23,814 ounces (‘oz’) of gold. The majority of production was from ore extracted from stopes 123,267 tonnes at 5.94g/t for 23,527oz, with very little ore from development.
Tribune’s entitlement to the ore extracted was 47,974 tonnes and 8,930oz, compared to 97,842 tonnes and 27,504oz the previous year.
Raleigh mine production for the year was seriously affected by a large seismic event that occurred on 14 January 2020 following the firing of stoping panels. The seismic event caused substantial damage to the 6000 to 5949 levels of the mine with significant rehabilitation required to re-establish access. The southern mining area was deemed unsafe and has been excluded from all future mining activity. The event caused no injury as there were no personnel underground at the time of firing.
As a result mining operations were suspended in April 2020 with the mine placed on care and maintenance. A detailed study to assess the economics of mining recommencement at Raleigh will be conducted after the life of mine (‘LOM’) mine planning process is completed by EKJV Management (‘EKJVM’) in October 2020.
